China and Europe warn trade war could trigger global recession

26 June, 2018, 23:53 | Author: Gerard Cortez

"While Trump has threatened to strike back against China's retaliation to the U.S. tariffs due to take effect July 6 - potentially escalating the tariffs" coverage to US$450 billion in Chinese goods - the Treasury Department is also expected to unveil the new investment and export restrictions this week.

The European Union and China are teaming up to rewrite global trade rules, their latest move as part of the trade conflict President Donald Trump has launched as part of his "America First" agenda.

After talks over the issue broke down this spring, the U.S. and China said they would both apply new tariffs to billions of dollars worth of goods from each other's country on 6 July.

Stocks fell in midday trading Monday, with the Dow Jones industrial average down as much as 446 points, amid reports of protectionist policy pushes by the Trump administration that would ramp up trade tensions on multiple fronts.

United States Secretary of the Treasury Steven Mnuchin holds a news conference after the G7 Finance Ministers Summit in Whistler, British Columbia, Canada, June 2, 2018.

Jyrki Katainen, the EU's vice president on jobs and economic growth, added that actions like Trump's unilateral tariff hikes against China show that WTO rules on global trade had to change, the Associated Press reported.

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A Chinese woman adjusts a Chinese national flag next to US national flags before a Strategic Dialogue expanded meeting, part of the U.S.

US technology stocks were worst hit.

Scott Kennedy, a China economy expert at the Center for Strategic and International Studies in Washington, DC, said the new EU-China partnership was "a big deal" and risked leaving the U.S. isolated. Some U.S. steel and aluminium tariffs went into effect in April and additional tariffs begin in July. Caterpillar stock lost 3.7 percent and Boeing fell 7.7 percent on Monday. "Trade must be fair and no longer a one way street!"

Bloomberg's report is titled "US plans curbs on Chinese investment, citing security risk" and cites eight people familiar with the plans. The administration could expand the existing authority of the Committee on Foreign Investment in the United States, or CFIUS, which is led by the Treasury and which already has blocked Chinese investments, in ports and semiconductors.

Hours later, White House trade and manufacturing adviser Peter Navarro walked back Mnuchin's remarks, telling CNBC that the restrictions on investing in tech companies would just target China.

Earlier policymakers in China moved quickly to temper any potential impact on economic growth from Beijing's trade dispute with the United States.

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